G20 Leaders Wrap Up Their Economic Summit
By Jim Randle
Pittsburgh
26 September 2009
Group of 20 leaders wrapped up their summit Friday with agreements intended to prevent future economic meltdowns, and giving key emerging nations a larger voice in international economic issues. U.S. President Barack Obama said the G20 leaders agreed on concrete steps to prevent another financial meltdown like the current one that has pushed millions of people into unemployment and cost trillions of dollars in lost wealth.
"Never again let the schemes a reckless few put the world's financial system and our peoples' wellbeing at risk," he said. He said the agreement generally increases regulation of the financial system, and calls for banks to keep larger reserves to cover losses from bad loans and failed investments. He said the leaders crafted procedures to cope with the failure of major financial firms in an orderly way that minimizes damage to the financial system and the public treasury.
more..........VOA News - G20 Leaders Wrap Up Their Economic Summit



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